30 Nov 2023 07:54
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC"), on November 30, 2023, announced that its Board of Directors has authorized the following related-party transactions with affiliated companies.
Purchase of retirement pension policy from Samsung Life Insurance
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
Insurer | Samsung Life Insurance | |
Policy premium | KRW 33.5 billion | |
Type of policy | Retirement Pension Policy - Defined Contribution | |
Terms of payment | Installment payments | |
Insurance | Pay retirement benefit at the time of retirement | |
Other |
|
Purchase of retirement pension policy from Samsung Securities
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
Insurer | Samsung Securities | |
Policy premium | KRW 24.8 billion | |
Type of policy | Retirement Pension Policy - Defined Contribution | |
Terms of payment | Installment payments | |
Insurance | Pay retirement benefit at the time of retirement | |
Other |
|
Purchase of retirement pension policy from Samsung Life Insurance
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
Insurer | Samsung Life Insurance | |
Policy premium | KRW 2.5775 trillion | |
Type of policy | Retirement Pension Policy - Defined Benefit | |
Terms of payment | Lump sum payments | |
Insurance | Pay retirement benefit at the time of retirement | |
Other |
|
Purchase of retirement pension policy from Samsung Fire & Marine Insurance
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
Insurer | Samsung Life Insurance | |
Policy premium | KRW 753.5 billion | |
Type of policy | Retirement Pension Policy - Defined Benefit | |
Terms of payment | - | |
Insurance | - | |
Other |
|
Transaction with Samsung Asset Management.
Company | Samsung Asset Management |
Date | December 30, 2023 |
Purpose | Retirement benefit (defined benefit) to be managed as income investment |
Amount | KRW 2.1104 trillion |
Other | - The foregoing KRW 2.1104 trillion, a portion of the accumulated retirement benefit that SEC transferred to Samsung Life Insurance (including premiums transferred in FY23) to be entrusted to asset management companies, pursuant to SEC directives and designation, will be managed by Samsung Asset Management as income investments - The foregoing date is SEC's estimate of the date when Samsung Life Insurance will entrust the funds to Samsung Asset Management to be managed as income investments; the actual date may differ - The transaction period is determined in accordance with the agreement period stipulated for the retirement benefit (defined benefit) premium entrusted to Samsung Asset Management |
Other Information:
? Number of Independent Directors present at the Board of Directors meeting: 6
? Attendance of Audit Committee: Y
? This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.
Samsung El.gdr (SMSN)